Dodge on demographics
As the first of the baby-boomers begins to retire, Canada's aging population is no longer an abstract issue for policymakers, noted David Dodge, the governor of the central bank.
Dodge said the "projected decline in the growth of trend labour input has real consequences for the conduct of monetary policy. Declining growth in trend labour input implies lower growth of potential output."
The governor added that "if the trend rate of productivity growth remains unchanged, this means that
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